Once considered a monopolistic business practice that prevented healthy competition in movie distribution and exhibition, movie studios are again buying movie theaters. Thanks to a 2020 decision that welcomed the idea of studios being in charge of production, distribution, and exhibition, Sony has purchased Alamo Drafthouse, . It’s not a moment too soon for Alamo’s previous warm and inviting owners, Altamont Capital Partners and Fortress Investment Group, which sold the theater chain after months of union-busting efforts against its beleaguered staff.
The dine-in theater chain, which popularized noisy screenings thanks to its patented meal service, will be run by the newly established Sony Pictures Experiences, a subsidiary we assume will only grow whenever they make another sequel. since being purchased by private equity firm Altamont Capital. As its workforce attempted to organize over low pay, inconsistent schedules, workers’ compensation for on-the-job injury (all that crouching and serving is no joke on backs, knees, and shoulders), and understaffed locations, the company set about busting organizing efforts and refused to recognize the union.
Even when movie theaters were making money amid the Barbenheimer explosion, Altamont, like many predatory equity firms, refused to improve their business and treat their workers with respect. Now we seem to know why: they were looking to sell the chain off. Until 2020, movie studios owning theaters was a thing of the past; af.
